ANÁLISIS DE LOS PATRONES DE EVOLUCIÓN DE LAS COBERTURAS FORESTALES EN LA
3 MATERIALES Y MÉTODOS
3.2 Materiales y métodos para el análisis de la distribución espacial de los usos, coberturas y sus cambios
3.2.1 Clasificación del territorio en coberturas y usos
3.2.1.3 Coberturas agrícolas abandonadas en tránsito a forestal
______ ______ ______ _____
Assets:
Fixed Income Securities:
Certificates of Deposit $ — $ 1,710,422 $ — $ 1,710,422 Corporate Bonds — 30,747,381 — 30,747,381 Municipal Bonds — 17,189,947 — 17,189,947 U.S. Government Agency Issue — 3,248,684 — 3,248,684 U.S. Government Note/Bond ___________— __________11,263,697 ______— __________11,263,697
Total Fixed Income Securities — 64,160,131 — 64,160,131
Exchange-Traded Funds 14,945,099 — — 14,945,099
Money Market Fund ___________321,658 __________— ______— __________321,658
Total Investments in Securities $15,266,757______________________ $64,160,131____________________ $____________— $79,426,888____________________
Rockefeller Intermediate Tax Exempt National Bond Fund
Level 1 Level 2 Level 3 Total
______ ______ ______ _____
Assets:
Fixed Income Securities:
Municipal Bonds $___________— $73,603,769__________ $______— $73,603,769__________
Total Fixed Income Securities — 73,603,769 — 73,603,769
Money Market Funds ___________1,777,129 __________— ______— __________1,777,129
Total Investments in Securities $ 1,777,129______________________ $73,603,769____________________ $____________— $75,380,898____________________
Rockefeller Intermediate Tax Exempt New York Bond Fund
Level 1 Level 2 Level 3 Total
______ ______ ______ _____
Assets:
Fixed Income Securities:
Municipal Bonds $___________— $41,279,533__________ $______— $41,279,533__________ Total Fixed Income Securities — 41,279,533 — 41,279,533
Money Market Funds ___________1,512,892 __________— ______— __________1,512,892
Total Investments in Securities $ 1,512,892______________________ $41,279,533____________________ $____________— $42,792,425____________________
There were no transfers as of November 30, 2015.
The Funds held no Level 3 securities during the period ended November 30, 2015. The Funds did not hold any derivative instruments during the period ended November 30, 2015.
(b) Federal Income Taxes
The Funds comply with the requirements of Subchapter M of the Internal Revenue Code of 1986, as amended, necessary to qualify as regulated investment companies and make the requisite distributions of income and capital gains to their shareholders sufficient to relieve them from all or substantially all federal income taxes. Therefore, no federal income tax provision has been provided.
(c) Distributions to Shareholders
The Funds will distribute net investment income at least quarterly, and net capital gains at least annually. Distributions from net realized gains for book purposes may include short-term capital gains. All short-term capital gains are included in ordinary income for tax purposes. Distributions to shareholders are recorded on the ex- dividend date. The Funds may also pay a special distribution at the end of the calendar year to comply with federal tax requirements.
The amounts of dividends from net investment income and distributions from net realized gains are determined in accordance with federal income tax regulations, which may differ from GAAP. These differences are either temporary or permanent in nature. To the extent these differences are permanent in nature, such amounts are reclassified within the composition of net assets based on their federal tax-basis treatment.
(d) Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
(e) Share Valuation
The NAV per share of each Fund is calculated by dividing the sum of the value of the securities held by each Fund, plus cash or other assets, minus all liabilities (including estimated accrued expenses) by the total number of shares outstanding for each Fund, rounded to the nearest cent. The Funds’ shares will not be priced on the days on which the New York Stock Exchange is closed for trading. The offering and redemption price per share for each Fund is equal to each Fund’s NAV per share.
Rockefeller Funds
Notes to Financial Statements (Continued)
November 30, 2015by other equitable means.
(g) Other
Investment transactions are recorded on the trade date. The Funds determine the gain or loss from investment transactions on a high amortized cost basis. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Distributions received from the Funds’ investments in REITs are comprised of ordinary income, capital gains and return or capital, as applicable. For financial statement purposes, the Funds use estimates to characterize these distributions received as return of capital, capital gain or ordinary income. Such estimates are based on historical information available from each REIT and other industry sources. These estimates may subsequently be revised based on information received for the security after the tax reporting periods are concluded, as the actual character of these distributions is not known until after the fiscal year end of a Fund. Changes to estimates will be recorded in the period they are known. The distributions received from REIT securities that have been classified as income and capital gains are included in dividend income and net realized gain on investments, respectively, on the Statement of Operations. The distributions received that are classified as return of capital reduced the cost of investments on the Statement of Assets and Liabilities. (3) Federal Tax Matters
The tax character of distributions paid during the period ended November 30, 2015 was as follows:
Rockefeller Rockefeller Rockefeller Intermediate Intermediate Equity Rockefeller Tax Exempt Tax Exempt Allocation Core Taxable National New York
Fund Bond Fund Bond Fund Bond Fund __________ ___________ ___________ ___________
Ordinary Income . . . $184,716 $1,405,584 $1,244,925 $536,047 Tax-Exempt Income . . . $ — $ — $ 276,648 $149,968
As of November 30, 2015, the components of accumulated earnings (losses) for income tax purposes were as follows:
Rockefeller Rockefeller Rockefeller Intermediate Intermediate Equity Rockefeller Tax Exempt Tax Exempt Allocation Core Taxable National New York
Fund Bond Fund Bond Fund Bond Fund __________ ___________ ___________ ___________
Cost basis of investments for
federal income tax purposes $66,646,143____________________ $79,739,196____________________ $74,938,850____________________ $42,488,584____________________ Gross tax unrealized appreciation 3,922,012 215,535 493,901 327,148 Gross tax unrealized depreciation __________(3,954,699) __________(527,843) __________(51,853) __________(23,307) Net tax unrealized
appreciation (depreciation) $____________________(32,687) $____________________(312,308) $____________________442,048 ____________________$ 303,841 Undistributed ordinary income 85,941 1,157,973 28,788 85,028 Undistributed tax-exempt
ordinary income — — 84,130 40,216
Undistributed long-term gains __________— __________387,382 __________49,036 __________12,260 Total distributable earnings $____________________85,941 $ 1,545,355____________________ $____________________161,954 $____________________137,504 Total other accumulated
gain/(loss) __________(739,440) __________(1,173) __________— __________— Total accumulated gains (losses) $____________________(686,186) $ 1,231,874____________________ $____________________604,002 $____________________441,345
The difference between book-basis and tax-basis unrealized appreciation is attributable primarily to the tax deferral of losses on wash sales and Contingent Payment Debt Instrument adjustments.
At November 30, 2015, the Rockefeller Equity Allocation Fund had short-term capital losses of $738,801 remaining, which will be carried forward indefinitely to offset future realized capital gains. To the extent the Rockefeller Equity Allocation Fund realizes future net capital gains, taxable distributions to its shareholders will be first offset by any unused capital loss carryovers from the year ended November 30, 2015.
GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or net asset value per share. For the year ended November 30, 2015, the following reclassifications were made for permanent tax differences on the Statement of Assets and Liabilities.
Rockefeller Rockefeller Rockefeller Intermediate Intermediate Equity Rockefeller Tax Exempt Tax Exempt Allocation Core Taxable National New York
Fund Bond Fund Bond Fund Bond Fund __________ ___________ ___________ ___________
Accumulated Undistributed Net
Investment Income/ (Loss) . . . . $(7,986) $ — $ 1,510 $ 425 Accumulated Net Realized
Rockefeller Funds
Notes to Financial Statements (Continued)
November 30, 2015November 30, 2015, the tax years 2014 and 2015 remain open to examination for the Rockefeller Core Taxable Bond Fund, the Rockefeller Intermediate Tax Exempt National Bond Fund, and the Rockefeller Intermediate Tax Exempt New York Bond Fund in the Funds’ major tax jurisdictions. The tax year 2015 remains open to examination for the Rockefeller Equity Allocation Fund in the Fund’s major tax jurisdictions.
(4) Investment Adviser
The Trust has an Investment Advisory Agreement (the “Agreement”) with the Adviser to furnish investment advisory services to the Funds. Under the terms of the Agreement, the Funds compensate the Adviser for its management services at the annual rate of 0.85%, 0.35%, 0.35% and 0.35% of the average daily net assets of the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund, respectively. Prior to January 1, 2015, the management fee for each of the Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund was 0.50% of the Fund’s average daily net assets. The Adviser has contractually agreed to waive its management fee and/or reimburse each Fund’s other expenses, through the expiration date listed below to the extent necessary to ensure that each Fund’s total annual operating expenses do not exceed each Fund’s Expense Limitation Cap, listed below, of the Fund’s average daily net assets.
Expense Limitation Cap
Institutional Class Expiration Date ________________ _____________
Rockefeller Equity Allocation Fund . . . 1.25% January 2, 2018 Rockefeller Core Taxable Bond Fund . . . 0.85% March 30, 2017 Rockefeller Intermediate Tax Exempt
National Bond Fund . . . 0.85% March 30, 2017 Rockefeller Intermediate Tax Exempt
New York Bond Fund . . . 0.85% March 30, 2017
Any such waiver or reimbursement is subject to later adjustment to allow the Adviser to recoup amounts waived or reimbursed to the extent actual fees and expenses for a fiscal period are less than the Expense Limitation Cap; provided, however, the Adviser shall only be entitled to recoup such amounts over the following three fiscal years. During the period ended November 30, 2015, the Fund’s recouped previously waived expenses of:
Rockefeller Rockefeller
Intermediate Intermediate
Rockefeller Tax Exempt Tax Exempt
Core Taxable National New York
Bond Fund Bond Fund Bond Fund
The following table shows the remaining waived or reimbursed expenses subject to potential recovery expiring:
Rockefeller Rockefeller Rockefeller Rockefeller Intermediate Intermediate
Equity Core Tax Exempt Tax Exempt Allocation Taxable National New York
Fund Bond Bond Fund Bond Fund
__________ ___________ ___________ ___________
November 30, 2017 . . . $ N/A N/A $10,986 $74,527 November 30, 2018 . . . 55,815 N/A N/A N/A
(5) Related Party Transactions
U.S. Bancorp Fund Services, LLC (“USBFS” or the “Administrator”) acts as the Funds’ Administrator under an Administration Agreement. The Administrator prepares various federal and state regulatory filings, reports and returns for the Funds; prepares reports and materials to be supplied to the Trustees; monitors the activities of the Funds’ custodian, transfer agent and accountants; coordinates the preparation and payment of the Funds’ expenses; and reviews the Funds’ expense accruals. USBFS also serves as the fund accountant and transfer agent to the Funds. U.S. Bank, N.A. (“US Bank”), an affiliate of USBFS, serves as each Fund’s custodian. Fees and expenses incurred for the period ended November 30, 2015, and owed as of November 30, 2015 are as follows:
Administration and Accounting Incurred Owed
___________________________ ________ _____
Rockefeller Equity Allocation Fund $ 90,604 $28,330 Rockefeller Core Taxable Bond Fund $163,251 $35,924 Rockefeller Intermediate Tax Exempt National Bond Fund $148,775 $32,977 Rockefeller Intermediate Tax Exempt New York Bond Fund $ 87,167 $20,083
Pricing Incurred Owed
______ ________ _____
Rockefeller Equity Allocation Fund $ 11,198 $ 4,275 Rockefeller Core Taxable Bond Fund $ 6,263 $ 1,666 Rockefeller Intermediate Tax Exempt National Bond Fund $ 19,758 $ 5,314 Rockefeller Intermediate Tax Exempt New York Bond Fund $ 12,138 $ 3,674
Transfer Agency Incurred Owed
______________ ________ _____
Rockefeller Equity Allocation Fund $ 15,088 $ 4,519 Rockefeller Core Taxable Bond Fund $ 21,076 $ 5,448 Rockefeller Intermediate Tax Exempt National Bond Fund $ 21,750 $ 5,714 Rockefeller Intermediate Tax Exempt New York Bond Fund $ 18,219 $ 4,393
Custody Incurred Owed
________ ________ _____
Rockefeller Equity Allocation Fund $ 43,748 $10,163 Rockefeller Core Taxable Bond Fund $ 4,379 $ 1,107 Rockefeller Intermediate Tax Exempt National Bond Fund $ 4,252 $ 1,143 Rockefeller Intermediate Tax Exempt New York Bond Fund $ 4,435 $ 1,092
The Funds each have a line of credit with US Bank (see Note 8).
Rockefeller Funds
Notes to Financial Statements (Continued)
November 30, 2015Certain officers of the Funds are also employees of USBFS. A Trustee of the Trust is affiliated with USBFS and US Bank. This same Trustee is an interested person of the Distributor.
The Trust’s Chief Compliance Officer is also an employee of USBFS. Each Fund’s allocation of the Trust’s Chief Compliance Officer fee incurred for the period ended November 30, 2015, and owed as of November 30, 2015 are as follows:
Incurred Owed ________ _____
Rockefeller Equity Allocation Fund $6,748 $2,028 Rockefeller Core Taxable Bond Fund $8,133 $2,067 Rockefeller Intermediate Tax Exempt National Bond Fund $8,097 $2,025 Rockefeller Intermediate Tax Exempt New York Bond Fund $8,097 $2,025
(6) Capital Share Transactions
Transactions in shares of the Funds were as follows: Rockefeller Equity Allocation Fund
Period Ended November 30, 2015(1) ____________________ Shares Sold . . . 6,957,126 Shares Reinvested . . . 8,091 Shares Redeemed . . . ________(250,385) Net Increase . . . 6,714,832________________
Rockefeller Core Taxable Bond Fund
Year Ended Period Ended November 30, 2015 November 30, 2014(2) __________________ ____________________ Shares Sold . . . 1,313,750 8,196,410 Shares Reinvested . . . 91,610 37,362 Shares Redeemed . . . ________(826,993) _________(985,245) Net Increase . . . ________________578,367 __________________7,248,527
Rockefeller Intermediate Tax Exempt National Bond Fund
Year Ended Period Ended November 30, 2015 November 30, 2014(2) __________________ ____________________ Shares Sold . . . 1,583,547 7,272,519 Shares Reinvested . . . 30,810 9,177 Shares Redeemed . . . ________(661,443) ________(865,719) Net Increase . . . ________________952,914 6,415,977________________
Rockefeller Intermediate Tax Exempt New York Bond Fund
Year Ended Period Ended November 30, 2015 November 30, 2014(2) __________________ ____________________ Shares Sold . . . 502,993 4,115,322 Shares Reinvested . . . 46,742 3,105 Shares Redeemed . . . (197,235)_______ ________(315,904) Net Increase . . . ______________352,500 3,802,523________________
(1) The Rockefeller Equity Allocation Fund commenced operations on February 4, 2015. (2)The Rockefeller Core Taxable Bond Fund, Intermediate Tax Exempt National Bond Fund and
Intermediate Tax Exempt New York Bond Fund commenced operations on December 26, 2013.
(7) Investment Transactions
The aggregate securities transactions, excluding short-term investments, for the Funds for the period ended November 30, 2015, are listed below.
U.S. U.S.
Government Government Securities Securities
Purchases Sales Purchases Sales
_________ _____ ___________ ___________
Rockefeller Equity
Allocation Fund . . . $93,374,562 $28,547,395 $ — $ — Rockefeller Core
Taxable Bond Fund . . . $45,916,762 $33,029,444 $24,784,922 $31,815,119 Rockefeller Intermediate
Tax Exempt National
Bond Fund . . . $45,641,923 $29,137,985 $ — $ — Rockefeller Intermediate
Tax Exempt New York
Bond Fund . . . $24,411,574 $20,108,480 $ — $ —
(8) Line of Credit
At November 30, 2015, the Rockefeller Equity Allocation Fund, Rockefeller Core Taxable Bond Fund, the Rockefeller Intermediate Tax Exempt National Bond Fund, and the Rockefeller Intermediate Tax Exempt New York Bond Fund each had lines of credit in the amount of $2,000,00, $8,000,000, $8,500,000, and $5,500,000, respectively, which all mature August 12, 2016. These unsecured lines of credit are intended to provide short-term financing, if necessary, and subject to certain restrictions, in connection with shareholder redemptions. The credit facility is with the Funds’ custodian, US Bank. Interest will be accrued at the prime rate of 3.25% (as of November 30, 2015). The Rockefeller Equity Allocation Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and the Rockefeller Intermediate New York Bond Fund did not utilize their lines of credit during the year ended November 30, 2015.
Rockefeller Funds
Notes to Financial Statements (Continued)
November 30, 2015outstanding balance on the line of credit as of November 30, 2015.
Average Maximum Date of
Days Amount of Interest Amount of Maximum
Utilized Borrowing Expense Borrowing Borrowing
_______ __________ _________ __________ __________
5 $34,000 $15 $34,000 10/14/2015
(9) Recent Accounting Pronouncement
In June 2014, the Financial Accounting Standard Board issued ASU No. 2014-11 “Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures.” ASU No. 2014-11 makes limited changes to the accounting for repurchase agreements, clarifies when repurchase agreements and securities lending transactions should be accounted for as secured borrowings, and requires additional disclosures regarding these types of transactions. The guidance is effective for fiscal years beginning on or after December 15, 2014, and for interim periods within those fiscal years. Management is currently evaluating the impact these changes will have on the financial statement disclosures for the Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund and Rockefeller Intermediate Tax Exempt New York Bond Fund. ASU No. 2014-11 is effective for the Rockefeller Equity Allocation Fund due to the nature of the Fund’s investments; however, there is no impact on the financial statement disclosure.
(10) Subsequent Event
On December 23, 2015, the Funds declared and paid distributions from ordinary income and short-term realized gains, to shareholders of record as of December 22, 2015, as follows:
Ordinary Short-Term Long-Term Income Realized Gains Realized Gains ________ _____________ _____________
Rockefeller Equity Allocation Fund $154,481 $ — $ — Rockefeller Core Taxable Bond Fund $701,724 $923,438 $387,392 Rockefeller Intermediate Tax-Exempt
National Bond Fund $126,141 $ 27,586 $ 49,098 Rockefeller Intermediate Tax-Exempt
To the Shareholders of the Rockefeller Funds and the Board of Trustees of Trust for Professional Managers:
We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of the Rockefeller Funds, comprising Rockefeller Core Taxable Bond Fund, Rockefeller Intermediate Tax Exempt National Bond Fund, Rockefeller Intermediate Tax Exempt New York Bond Fund, and Rockefeller Equity Allocation Fund (the “Funds”), each portfolios of the diversified series constituting Trust for Professional Managers, as of November 30, 2015, and the related statements of operations, changes in net assets and financial highlights for the periods presented. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of November 30, 2015, by correspondence with the custodian and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, such financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of the Funds as of November 30, 2015, the results of their operations, and the changes in their net assets and financial highlights for the periods presented, in conformity with accounting principles generally accepted in the United States of America.
Milwaukee, Wisconsin January 29, 2016